Business
PROPOSED ADMISSION TO TRADING ON AIM
PROPOSED ADMISSION TO TRADING ON AIM.
About this update from Alumasc Group Plc
[{"type":"text","content":"\n \nRNS Number : 1524X Alumasc Group PLC 26 April 2019 \n\nTHE ALUMASC GROUP PLC\nPROPOSED CANCELLATION OF THE COMPANY'S ORDINARY SHARES FROM THE OFFICIAL LIST, PROPOSED ADMISSION TO TRADING ON AIM AND NOTICE OF GENERAL MEETING\nThe Alumasc Group plc (\"Alumasc\", the \"Group\" or the \"Company\"), the premium building products, systems and solutions group, today announces that further to the statement in its full year results released on 11 September 2018, the Board is proposing to cancel the listing of the Company's ordinary shares of 12.5p each (\"Ordinary Shares\") from the premium segment of the Official List of the UK Listing Authority and from trading on the Main Market of London Stock Exchange plc (\"LSE\") (the \"Delisting\" or the \"Cancellation\") and to apply for admission for the Ordinary Shares to trading on AIM (the \"Admission\"). The Company has 36,133,558 Ordinary Shares in issue as at the date of this announcement. The ISIN is GB0000280353 and the TIDM is ALU.\nA circular containing details of the proposed transaction together with a notice convening a General Meeting of shareholders (the \"Circular\") is expected to be posted to shareholders later today.\nThe Board considers that the move to AIM is in the best interests of the Company and its Shareholders. The Board has considered the structure of its businesses and operations with a view to identifying the most effective strategy to enable the Group to continue to deliver a quality service to its customers, whilst building a platform for more sustainable growth. This review has included consideration of the most appropriate trading platform for the Ordinary Shares on an ongoing basis. Certain Shareholders may also benefit from particular inheritance tax and stamp duty reserve tax exemptions in respect of their interests in the Company's Ordinary Shares which are not afforded to shares that are admitted to trading on the Official List. Further details of the rationale for the move to AIM are set out in the extracts from the Circular below.\nUnder the Listing Rules, the Delisting requires the prior approval of a resolution (the \"Resolution\") by Shareholders in a General Meeting, passed by not less than 75 per cent. of those Shareholders who vote in person or by proxy. If approved by Shareholders, it is anticipated that the effective date of the Admiss...